Gold price today 23 August 2021: Yellow metal trading flat, check rates in Delhi, Mumbai, Kolkata and Chennai

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After witnessing considerable rise in the past week, Indian bullion markets opened on a flat note on August 23. Spot prices of gold remained flat in the early trading session. The 24-carat variant of yellow metal was trading at Rs 47,306/10 gm, down by only Rs 105 from the previous close Rs 47,411/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 95 and reached Rs 43,333/10 gm. The previous close on August 20 was Rs 42,428/10 gm.

“The lack of market participation is continuing in gold as the prices are hovering within the tight range and mostly unchanged on closing basis. The overall set up for the precious metal is currently not much encouraging as the precious metal is facing frequent selloff around $1,800 level. Silver is also trading around the same level. Macro data in US are showing strong job data may influence Fed to stop being accommodative and further strengthen the dollar which may drag the gold prices down again to below $1,700/oz,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold on MCX is also rangebound and somehow able to hold on to Rs 47,000/10 gm level in the past few days. The precious metal will have to cross and sustain above Rs 48,000 mark for the confirmation of trend reversal. Participants who have strategic position are advised to hedge it while tactical positions must be align to key pivotal levels either side proactively during the day,” added Matta.

Silver price

After back-to-back sluggish weeks, silver price does not seem to be in the revival mode this week too. In early trade on August 23, the price of white metal went down by another Rs 269/kg from the previous session and stood at Rs 62,202/kg. Silver closed at Rs 62,471/kg on August 20.

Experts still feel silver price might dip to as low as Rs 60,000/kg level in the month of August itself and remain flat at that level.

“Gold and silver both showed downward movement on Monday and last Friday trading sessions. In early trade some profit booking was seen in bullion at higher levels. Gold and silver are still making bottoms and momentum indicator RSI is creating a positive divergence in silver in 4-hourly chart. Therefore, traders are advised to create fresh longs positions in both gold and silver. But in the short time horizon there is no sign of recovery of gold or silver price at least,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.